allan gray australia stable fund fund fact sheet · woodside petroleum 3.6 newcrest mining 3.2...
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ALLAN GRAY AUSTRALIA STABLE FUND
FUND FACT SHEET
30 April 2017
THE FUND AND ITS BENCHMARK
The Fund aims to provide a long-term return that
exceeds the Reserve Bank of Australia cash rate
(Benchmark), with less volatility than the Australian
sharemarket.
INVESTMENT APPROACH
The Fund invests primarily in cash and money market
instruments, such as term deposits and short-term
bonds (treasury bills). The Fund also offers exposure to
securities listed on the Australian Securities Exchange
that are identified by Allan Gray as offering compelling
long-term value. When market conditions are suitable,
the ASX-listed securities component could represent up
to 50% of the Fund’s total assets. If Allan Gray cannot
find favourable investment opportunities in the
sharemarket, the Fund will be fully invested in cash,
term deposits and similar instruments.
In implementing the Fund’s strategy, Allan Gray adheres
to detailed investment restrictions and limits, as set out
in the Fund’s Product Disclosure Statement and
accompanying Information Booklet (together, the PDS).
The Fund may experience some fluctuations or volatility
in pursuing its objective, given its exposure to ASX-listed
securities and the timing of investments in these
securities. Allan Gray is often early when buying
securities, which means that the ASX-listed component
of the Fund can experience fluctuations, especially if the
sharemarket declines beyond its normal range. Allan
Gray believes that these shorter-term fluctuations are
unfortunately necessary to gain the upside when the
sharemarket recovers. The Fund has outperformed its
Benchmark since public launch.
THIS FUND MAY SUIT YOU IF YOU:
Are a cautious investor, who seeks a better return than cash while reducing the volatility and short-term risk
associated with investing solely in the sharemarket
Want to reduce your risk to shares, while still getting exposure to growth via strategic holdings of select shares when
the equity market offers value
Are seeking quarterly income from your investment
Are comfortable setting aside $500 per month for a savings plan, or investing an initial lump sum of $10,000, and
Can remain invested for more than two years.
PERFORMANCE NET OF ALL FEES AND EXPENSES
FUND BENCHMARK RELATIVE DISTRIBUTION
ANNUALISED (%)
Since public launch
(1 July 2011)7.5 2.7 4.8 4.1
5 years 7.2 2.4 4.8 4.1
3 years 6.9 2.0 4.9 3.4
1 year 9.0 1.6 7.4 2.5
NOT ANNUALISED (%)
Financial year to date 8.3 1.3 7.0 1.6
Calendar year to date 1.7 0.5 1.2 0.5
3 months 1.5 0.4 1.1 0.5
1 month (0.3) 0.1 (0.4) 0.0
INCOME DISTRIBUTION FOR THE LAST 12 MONTHS
30 Jun 2016 30 Sep 2016 31 Dec 2016 31 Mar 2017
Cents per unit 0.9569 0.5600 0.5699 0.5830
VALUE OF AUD 10,000 INVESTED AT PUBLIC LAUNCH
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
12 13 14 15 16 17
AUD 15,244
AUD 11,690
Fund
Benchmark
Past performance is not a reliable indicator of future results. You should consider the PDS before making any investment decision. PAGE 1 OF 3
ALLAN GRAY AUSTRALIA STABLE FUND
FUND FACT SHEET 30 APRIL 2017
EXPOSURE TO ASX-LISTED SECURITIES OVER TIME
A maximum of 50% of the portfolio is invested in ASX-listed securities; the remainder is in cash, term deposits and other similar instruments. The S&P/ASX 300 Price Index overlay illustrates how the Fund’s exposure to ASX-listed securities has changed as the sharemarket fluctuated.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
100%
Allo
cati
on
to
sec
uri
ties
an
d c
ash
%
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
ASX
30
0 P
rice
Ind
ex
12 13 14 15 16 17
ASX-Listed Securities Cash and Term Deposits ASX 300 Price Index
KEY INFORMATION
Fund size AUD 163 million
Public launch date 1 July 2011
Number of units on issue 137 million
Price (Net asset value) AUD 1.1932
Buy/sell spread +0.1% / -0.1%
Minimum AUD 10,000 / AUD 500 per month
Dealing Daily
Distribution frequency Quarterly
Base fee 0.25% p.a.
Performance fee 20%
APIR code ETL0273AU
mFund code AQY02
ISIN AU60ETL02739
FUND HOLDINGS
HOLDINGS % OF FUND
Woodside Petroleum 3.6
Newcrest Mining 3.2
Origin Energy 3.1
Alumina 3.0
Metcash 2.4
Nine Entertainment Holdings 1.4
Peet 1.0
Top 10 ASX-listed securities <1% 2.8
TOP 10 ASX-LISTED SECURITIES 20.5
Other ASX-listed securities 4.7
Term Deposits 69.1
Cash (net of accruals) 5.7
TOTAL 100.0
CASH AND TERM DEPOSITS BY ISSUER
National Australia Bank (53%)
Commonwealth Bank (40%)
Cash at Custodian (Citibank) (7%)
All term deposits and similar instruments have a duration of less than or equal to 12 months.
PERFORMANCE CONTRIBUTION (LATEST MONTH)
CONTRIBUTION %
Cash and term deposits 0.2
ASX-listed securities (0.3)
Performance before fees and expenses (0.1)
Phone – 1300 604 604 or +61 2 8224 8604
Email – [email protected]
Web – allangray.com.au
FIONA JULIANA TONY
IF YOU HAVE ANY QUERIES PLEASE CONTACT YOUR FINANCIAL ADVISER OR CLIENT SERVICES
PAGE 2 OF 3
ALLAN GRAY AUSTRALIA STABLE FUND
FUND FACT SHEET 30 APRIL 2017
NOTES ON PERFORMANCE
Returns shown are net of fees and assume
reinvestment of distributions. Returns are
annualised for periods of one year and over.
Annualised returns show the average amount
earned on an investment in the Fund each year
over the given time period. Actual investor
performance may differ as a result of the
investment date, the date of reinvestment of
income distributions, and withholding tax applied
to income distributions.
The highest and lowest returns earned during any
calendar year since the public launch of the Fund
are shown below to demonstrate the variability of
returns. The complete return history for the Fund
can be obtained by contacting our Client Services
team.
Return % Calendar Year
Highest annual return 14.4 2016
Lowest annual return 2.1 2015
MINIMUM DISCLOSURE DOCUMENT
If you are a South African investor, this Fund Fact
Sheet is a Minimum Disclosure Document and
general investor report for the Fund, as required by
the Collective Investment Schemes Control Act
2002 (South Africa). This MDD must be read
together with the Fund’s Product Disclosure
Statement and accompanying Information Booklet.
NOTES ON KEY INFORMATION
The price (net asset value) is cum-distribution.
The performance fee is 20% of the Fund’s
outperformance, net of the base fee, in comparison
to the Benchmark. It is only payable where the
Fund’s outperformance exceeds the high water
mark, which represents the highest level of
outperformance, net of base fees, since the Fund’s
inception.
The base fee and the performance fee (if applicable)
are calculated and accrued daily, and paid monthly.
GST, net of RITC, is applicable to the base fee and
the performance fee. A schedule of fees and
charges is available in the Fund’s PDS.
The indirect cost ratio (ICR), also known as the
total expense ratio (TER), is a measure of the actual
expenses (including fees) incurred by the Class
over a 12 month period. The expenses are
expressed as a percentage of the average daily
value of the Class during that period in order to
determine the ICR. Class performance is shown
after taking into account expenses included in the
ICR. Expenses may vary and the current ICR should
not be used as an indication of future ICRs.
Fees and expenses for the last 12 months %
Base fee 0.25
Performance fee 2.05
Other expenses 0.00
Indirect cost ratio 2.31
ALLAN GRAY AUSTRALIA PTY LTD ABN 48 112 316 168 AFSL 298487
Allan Gray Australia Pty Limited is the appointed investment manager of the Allan
Gray Australia Stable Fund ARSN 149 681 774. The Fund is offered by Equity
Trustees Limited, ABN 46 004 031 298, AFSL 240975, as the Fund’s Responsible
Entity. Equity Trustees Limited is a subsidiary of EQT Holdings Limited, a publicly
listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees Limited
has full responsibility for the Fund and may be contacted on +61 3 8623 5000.
GeneralInvestors should consider the Fund’s PDS before making any investment
decision. The PDS, daily unit prices and additional information about the Fund
can be obtained free of charge by contacting Allan Gray or from
www.allangray.com.au. Managed investment schemes are generally medium to
long-term investments. They are traded at prevailing prices and the value of
units may go down as well as up. There are risks with investing in the Fund and
there is no guarantee of repayment of capital or return on your investment.
Managed investment schemes may borrow and engage in securities lending.
Past performance is not a reliable indicator of future results. Investors should
always consider seeking professional financial advice. This document has been
prepared without considering any person’s financial circumstances, needs or
objectives. It also does not constitute a recommendation, an offer to sell or a
solicitation to buy units in the Fund. While Allan Gray has endeavoured to
ensure the accuracy of this document neither Allan Gray, Equity Trustees
Limited nor any of its related parties, their employees or directors, provide any
warranty of accuracy or reliability in relation to such information or accepts
any liability to any person who relies on it. Totals presented in this document
may not sum due to rounding.
Notice to foreign personsThe Fund does not accept US persons as investors and is not marketed in the
European Economic Area (EEA). Investors resident in the EEA can only invest in the
Fund under certain circumstances as determined by, and in compliance with,
applicable law. For South African purposes, the Fund is categorised as a regional
multi-asset (flexible portfolio).
Valuation and pricing timesThe Fund’s net asset value is calculated at 4.30pm (Sydney time) each business day,
with prices determined the following day. Application and redemption requests must
be received by 2pm (Sydney time) each business day to receive that day’s price. A
different cut-off time applies if transacting via the ASX mFund Settlement Service.
PAGE 3 OF 3
ALLAN GRAY AUSTRALIA STABLE FUND
FUND FACT SHEET 30 APRIL 2017